The only constant thing in GST law so far has been the number of changes. One of these changes that will soon become mandatory is the e-invoicing system. Electronic invoice, or e-invoice is the future means of electronic billing. It has been adopted by many governments internationally.
In India it is being rolled out in B2B transactions only as a part of measure to curb tax evasion. This is a major step in the push for a digital economy. Once e-invoicing becomes mandatory in India, invoices which do not comply with the set requirements will be considered void. Thus, companies must prepare quickly to facilitate the issuance and receipt of e-invoices.
In addition to the e-invoicing system, assessees in India also need to be aware of the legal updates which can have an impact on the way they function.
Lakshmikumaran & Sridharan (L&S), in its endeavour to keep all its clients updated, is organizing a conference call to discuss recent judicial updates in GST law and E-invoicing – preparedness, implementation and redesigning business processes.
Mr. Anshul Mathur